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Building-17-SVBP-San-Diego
CaliforniaDevelopmentIndustrialWestern

Murphy Development Breaks Ground on 79,050 SF Industrial Building in San Diego

by Amy Works

SAN DIEGO — Murphy Development has broken ground for the final building at its 2.1 million-square-foot Siempre Viva Business Park in San Diego’s Otay Mesa neighborhood. Located at 8500 Kerns St., the $11.9 million Building 17 will feature 79,050 square feet, 28-foot clear heights, 2,000 amps of 277/480 volt power, manufacturing sewing and water capacity, ESFR sprinklers, concrete truck courts, wide column spacing and high dock door ratios designed for distribution users. The adjacent building, Building 18, was completed in late 2016. Located at 2600 Melksee St., the 121,970-square-foot property is partially occupied by Mainfreight USA. The development team includes Gene Cipparone as architect, K&S Engineering and Lusardi Construction. Andy Irwin and Joe Anderson of JLL have been retained to market the property for lease.

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CaliforniaCompany NewsWestern

Real Estate Veterans Launch Matter Real Estate Group

by Amy Works

SAN DIEGO — Real estate veterans Matt Root, Jim Stuart and Kevin Burke have formed Matter Real Estate Group. Based in San Diego, the real estate development company unites design, construction and operating strategy. Matter Real Estate primarily develops within the Western United States with projects in planning or under construction in major cities, including Dallas, Las Vegas, Los Angeles and Phoenix. Together the principals bring more than 80 years of combined experience and over 20 million square feet developed or acquired. The company strives to blend institutional operating expertise with a hands-on approach. Matter Real Estate also looks to improve cities alongside the development of innovative projects. To that end, the company created its ’10 in 10′ initiative where it invests 10 percent of profits into the community within the immediate 10 miles of a project.

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AcquisitionsCaliforniaCompany NewsWestern

DivcoWest, CalSTRS Enter into $300M Acquisition Venture

by Amy Works

SAN FRANCISCO — DivcoWest Real Estate Services has entered into a new $300 million venture with the California State Teachers’ Retirement System (CalSTRS). The joint venture will focus on acquiring core and core-plus commercial real estate assets in growth-oriented markets throughout the United States. The partnership will concentrate its activities on commercial real estate opportunities in targeted markets, including San Francisco, Los Angeles, San Diego, Seattle, Boston, New York City, Washington, D.C. and Austin, Texas. These markets have been identified for their strong local economics and highly qualified workforces, as well as substantial tenant bases in new economy industries. DivcoWest and CalSTRS have a 15-year history of investing together, with DivcoWest putting the more than $1.5 billion that CalSTRS committed into various DivcoWest-sponsored investment vehicles.

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Affordable HousingCaliforniaLoansLouisianaMultifamilyNorth CarolinaWestern

Arbor Realty Funds $19.7M in Financing for Affordable Housing Properties Across the United States

by Amy Works

STOCKTON, SONORA AND JAMESTOWN, CALIF., HICKORY, N.C., AND SHREVEPORT, LA. — Uniondale, N.Y.-based Arbor Realty Trust has funded five loans totaling $19.7 million under the Fannie Mae DUS Multifamily Affordable Housing product line for properties across the United States. The borrower was Apartment Corp., a privately held real estate investment firm with a portfolio exceeding 20,000 units. Apartment Corp. is using the loans for both refinancing and acquisition purposes. Alexander Kaushansky of Arbor Realty Trust arranged the financing. The transactions involved are: $3 million in refinancing for Pacific Pointe, an 80-unit Low-Income Housing Tax Credit (LIHTC) property in Stockton. $3.7 million in refinancing for Granite Ridge, an 80-unit LIHTC property in Stockton. $3.7 million in acquisition financing for Silver Spring Terrace, a 100-unit LIHTC property in Hickory. $2.7 million in acquisition funding for Yorkshire & Windsor Village, a 132-unit LIHTC property in Shreveport. $6.7 million in refinancing for the Sonora Portfolio, a three-property, 220-unit LIHTC portfolio in Sonora and Jamestown.

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19216-Ventura-Blvd-Tarzana-CA
AcquisitionsCaliforniaRetailWestern

De Venture Building Purchases 8,807 SF Retail Property in Los Angeles for $4.1M

by Amy Works

LOS ANGELES — De Venture Building LLC has acquired a retail property located at 19216 Ventura Blvd. in the Tarzana neighborhood of Los Angeles. An individual/personal trust sold the property for $4.1 million. The building features 8,807 square feet of retail space. Brandon Michaels of Marcus & Millichap represented the seller and buyer in the deal.

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470-Third-St-Lake-Elsinore-CA
AcquisitionsCaliforniaIndustrialWestern

Avison Young Arranges $3.7M Acquisition of Industrial Building in Lake Elsinore, California

by Amy Works

LAKE ELSINORE, CALIF. — Avison Young has brokered the acquisition of a newly constructed industrial building located at 470 Third St. in Lake Elsinore. An entity of San Diego Ice Co. purchased the property from TOLD Properties for $3.7 million. The ice manufacturer and distributor will occupy the 24,026-square-foot building. Situated on 1.4 acres, the property features 2,800 square feet of office space, 1,400 square feet of mezzanine space, skylights, two dock-high loading doors, two grade-level loading doors and 59 parking spaces. Stan Nowak and Cody Lerner of Avison Young represented the buyer, while Lee & Associates represented the seller in the deal.

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1938-E-Katella-Ave-Orange-CA
AcquisitionsCaliforniaRetailWestern

Dental Practice Buys 3,600 SF Retail Property in California for $2.3M

by Amy Works

ORANGE, CALIF. — A local dentist practice has purchased a single-tenant retail property located at 1936 E. Katella Ave. in Orange. A local private investor sold the property for $2.3 million. The buyer plans to convert the 3,600-square-foot space, which is currently a Japanese restaurant, into a dental office. Jones Real Estate represented the buyer, while Thomas Chichester, Joseph Chichester and Matt Brooks of Faris Lee represented the seller in the deal.

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AcquisitionsCaliforniaIndustrialWestern

Rexford Industrial Buys Two Properties for $127.1M Near Los Angeles

by Amy Works

COMMERCE, ANAHEIM AND ONTARIO, CALIF. — Rexford Industrial Realty has acquired two industrial properties in Southern California for a total investment of $127.1 million. The company also sold two industrial assets in the Inland Empire for $9.1 million. In an off-market transaction, Rexford Industrial purchased 5300 Sheila St. in Commerce for $121 million, or $174 per square foot. Situated on 35.8 acres, the 695,120-square-foot property features 36-foot clear heights, 118 cross-dock loading positions and nearly 4 acres of excess land accommodating storage of up to 435 trailer/containers. At the time of sale, the property was fully occupied by a credit tenant on a long-term, triple-net lease. Rexford also acquired 1190 E. Stanford Court in Anaheim for $6.1 million, or $176 per square foot. Situated on 1.4 acres, the 34,494-square-foot property features 24-foot clear heights, dock-high loading and a large fenced yard. The property was 100 percent leased to a single tenant at the time of acquisition. Additionally, the company sold 1910 and 1920 S. Archibald Ave. in Ontario for $9 million, or $116 per square foot. Originally purchased as a part of a three-building portfolio, the sale represents a planned disposition as these two 69 percent-occupied flex buildings are not …

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9171-Wilshire-Dr-Beverly-Hills-CA
AcquisitionsCaliforniaOfficeWestern

Cruzan, Cigna Investment Management Acquire 106,890 SF Office Building in Beverly Hills

by Amy Works

BEVERLY HILLS, CALIF. — A joint venture between Cruzan and Cigna Investment Management has purchased an office building located at 9171 Wilshire Drive in Beverly Hills. An undisclosed seller sold the property for $69.2 million. At the time of sale, the six-story, 106,890-square-foot building was 83 percent occupied. Current tenants include Avalon Holdings, Kaplan Perrone Entertainment and Mejia & Kaplan. The buyer plans to renovate the building. Andrew Harper, Matthew Fisher and Ryan Gallagher of HFF represented the seller and procured the buyer in the deal. Additionally, Paul Brindley, Todd Sugimoto, Steven Paskover and Ryan Ashe, also of HFF, arranged a $51.5 million acquisition loan through Mesa West Capital for the buyer.

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